The Right Questions, The Right Answers: What to Ask When Purchasing Asset Tracking Software

The Right Questions, The Right Answers: What to Ask When Purchasing Asset Tracking Software

Asset management software, which allows companies to monitor and track their physical and digital resources, is the best way for companies to work more efficiently. But to be truly effective, such software needs to integrate seamlessly with your day-to-day workflow. Choosing the right asset management software is about considering your business’s specific needs and asking software vendors the right questions about how their product will work with your process. Only then can you make sure you end up with the best fit.

In a crowded marketplace, related companies stand out. Asset management, which allows companies to monitor and track their physical and digital resources, is the best way for companies to work more efficiently behind the scenes to present a put-together appearance toward customers. However, most companies aren’t even taking the first step.

Too many companies spend years trying to force an inflexible Excel spreadsheet to fit into the role of asset management software, or worse, years of illegible pen and paper records. According to reporting by the business mentoring service Score, fewer than half of businesses use asset management software; a majority (55 percent) of small businesses either track assets by hand with unreliable pen and paper records or don’t track their assets at all.

Why can’t Excel spreadsheets work as a cheap alternative? That’s because to keep accurate records; people need more guidance than that. According to a study published in the Journal of End User Computing, humans make regular errors while working in standard spreadsheets 88 percent of the time, no matter how hard they try.

The solution is to find an asset tracking software that fits your company’s needs. However, trying to find an asset tracking software is easier said than done. This whitepaper will guide you through the process of selecting the software that best suits your business by asking smart questions.

Why Your Company Needs Asset Management

First of all, congratulations on taking the first step and choosing to invest in asset management software for your business. Asset management software is the single most effective way for any company to level up its organizational strategy.

Some type of asset management software is necessary for every kind of business. A company is only as good as its systems. Poorly-organized companies may have a difficult time predicting and meeting customer needs. Meanwhile, companies that are well-organized are more agile and able to respond quickly to unexpected situations.

No matter the size of the business, nothing affects a company’s day-to-day processes more than how efficiently it can track its assets and how quickly it can retrieve them when they are needed. Assets might be digital, like computer programs, or physical, like office chairs, but many of them are equally important to a company’s day-to-day systems. If employees can’t log in to the company email software or find the chairs that go in meeting room two, they’re going to waste time tracking those things down instead of assisting customers. And if they can’t find those assets, securing a replacement is not only a time-intensive tedious task but an unexpected additional cost.

Every company has assets integral to its day to day operations. Asset management doesn’t only keep track of those resources, but also their care and keeping. It can manage the status of a resource and how frequently it needs maintenance or repairs. For example, a computer might need regular updates, or a company vehicle might require a yearly inspection. A company that isn’t keeping a close eye on assets may not realize something needs maintenance until too late.

Locating assets (both physical and digital) and maintaining those assets are the two main purposes of asset management software, and the two reasons you decided to start looking for an asset tracking solution in the first place. Those are the tools that every company needs, but how they apply them will be different in every case. The trick is choosing an asset management solution that is flexible enough to conform to your company’s specific needs.

Frequently Asked Questions About Asset Management

You already know that you need your asset management solution to help you locate and monitor assets. But when you’re planning on incorporating new technology into your workflow, it’s better to make sure it meets all your needs, no matter how custom there are.

At Asset Panda, our customers frequently come to us after realizing their existing systems aren’t as efficient as they could be. That means that instead of being focused on what a positive solution looks like, they are trying to alleviate their current problems. Fortunately, it turns out that this is the first step in choosing an asset management software.

Here are some of the most frequent questions customers ask us about asset management software. Note that they focus on resolving existing problems.

If your company is looking for a custom asset tracking solution that fits all of its needs, why not take an Asset Panda test drive? Our software has been attested to reduce time spent on the vital work of asset tracking while helping teams to spend more time making their clients happy. Try Asset Panda for free with our 14-day trial, or give us a call at 855-898-6058 to get a quote.